Investment Fund for Core Needs (IFCN)

The Investment Fund for Core Needs (IFCN) has been established to make available one-time
funds to
support pressing unbudgeted or under-supported academic / operational / administrative
needs, as well
as initiatives that will build long-term capacity, such as staff development,
investment in infrastructure,
and risk management initiatives. The IFCN is not intended to replace a permanent
loss of funds or
eliminate an ongoing budget gap.
Funding is derived from the net-growth in year-end central reserve balances
over the prior two years.
Annual IFCN levels will be 10% of any net-growth or $250,000, whichever is
lower.
A total of up to $249,600 is available in the current budget request cycle
for funding in 2017 / 18.

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Guidelines

The IFCN has been established to provide one-time funds to address unanticipated and
unbudgeted or under-supported academic / operational / administrative needs,
as well as
initiatives that will build long-term capacity, such as staff development, investment
in
infrastructure or equipment, and risk management

Any unit, academic or administrative, can apply for IFCN funding

Applications are to be submitted through MachForm available here. An application form
template is attached for reference.

Proposals will be evaluated on the extent to which the request supports the stability
of the
mission, programs, and ongoing operations of the College and mitigates risk.

Proposals must meet clearly documented needs, have identifiable outcomes and include
implementation and assessment plans.

Consideration will be given to initiatives having a cost sharing component.

Proposals should specify why they cannot be self-funded at a division or school level.

Deans and Cabinet members (Sponsor) may submit for consideration up to three or five
prioritized requests, respectively.

Requests will be reviewed by the Campus-wide Budget and Resource Committee (BRC).

President’s Cabinet, informed by BRC’s review, will make final funding decisions based
on their
professional judgement and understanding of campus needs, priorities, and operational
risk
mitigation.

Funded proposals will be required to provide mid-year and year-end progress reports.